PPG Industries (NYSE: PPG), Pittsburgh, PA, has revised its proposal to acquire Netherlands-based Akzo Nobel N.V. for €24.5 billion (US$26.3 billion), after being informed that AkzoNobel's boards rejected the deal. This is the second proposal that AkzoNobel has rejected.

“We believe the revised proposal presents an opportunity for AkzoNobel’s shareholders to realize extraordinary value, by any measure, for their shares in AkzoNobel," said Michael McGarry, CEO of PPG. "It provides them with a premium valuation and the opportunity to receive substantial and immediate cash consideration and participate in the success of the enterprise through ownership of shares in the combined company.”

Ton Büchner, CEO of AkzoNobel, said, “This proposal significantly fails to recognize the value of AkzoNobel. Our boards do not believe it is in the best interest of AkzoNobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously."